TechnoSport raises Rs 175 crore from A91 partners

TechnoSport, a homegrown activewear brand, said it has raised Rs 175 crore from A91 Partners, in its first-ever external fundraise. The total capital was transferred in two tranches of Rs 90 crore and Rs 70 crore each. The remaining Rs 15 crore was in the form of secondaries where some of the company’s early investors sold shares and took an exit, Moneycontrol has learnt.

The company will use the fresh funds to expand operations, focus on digital brand building and enhance capacity at its mega factories, the company’s co-founders told Moneycontrol. It will also spend on marketing activities and expand its sales and distribution channels to reach a wider user base.

The company is present in 15 states and sells at over 5,000 retailer touchpoints.

This is yet another instance where investors are betting on offline businesses that are also looking to build a digital presence, following an omnichannel approach. Former Puma executives also raised a total of Rs 530 crore across two rounds (Rs 430 crore and Rs 100). In a report released earlier, investors said even as digital-first brands prop up, 90 percent of the deliveries will be done offline.